A company had a tractor destroyed by fire. The tractor originally cost $129,000 with accumulated...
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Accounting
A company had a tractor destroyed by fire. The tractor originally cost $129,000 with accumulated depreciation of $63,600. The proceeds from the insurance company were $24,000. The company should recognize:
Multiple Choice
A loss of $41,400.
A gain of $65,400.
A loss of $65,400.
A gain of $24,000.
A gain of $41,400.
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